3 Most VSAQ’s of Banking Services Chapter in Inter 2nd Year Commerce (TS/AP)

2 Marks

VSAQ-1 : Mobile Banking. (OR) Explain Mobile Banking.

Mobile banking is a convenient service offered by banks, allowing customers to manage their finances using smartphones or tablets. It includes features like checking balances, transferring funds, paying bills, and depositing checks via mobile apps. This service enhances accessibility and reduces the need for in-person banking visits. It also employs security measures like encryption and biometric authentication for customer data protection.

VSAQ-2 : What is Savings Accounts? (OR) What is Savings Deposits Account?

Savings accounts, also known as savings deposits accounts, are designed for individuals, professionals, and the middle class to store their small savings. These accounts typically offer lower interest rates compared to fixed deposits. For example, the current interest rate provided by SBI is 2.75% per annum.

VSAQ-3 : What is Credit Card?

A credit card is a card issued by banks that enables customers to make purchases on credit and pay for them at a later date. Credit cards can be used for both domestic and international transactions. The issuance of these cards is based on the customer’s creditworthiness, and they offer a convenient and flexible way to make payments.